Debt Limit Analysis

Debt Limit Analysis
JANUARY 2013
THREE QUESTIONS
1. What is the first date on which Treasury will not have sufficient cash to pay all of its bills in full and on time (the X Date)?
If we reach the X Date, and Treasury is forced to "prioritize its payments to avoid a debt default: 2. What would be the effects on government operations? 3. What would be the market risks?
Methodology & Assumptions
BPC METHODOLOGY
Reviewed financial data from the Treasury Department

Daily + Monthly Treasury Statements Monthly Statement of the Public Debt
Projected monthly operating cash flow using:

Historical financial data CBO estimates of revenue/spending growth Adjustments for anticipated issues (e.g., expiration of payroll tax holiday, increased FEMA and flood insurance spending due to Sandy)
Closely analyzed cash flows during February and March to generate daily projections
FISCAL CLIFF DEAL
Fiscal Cliff deal has little impact on debt limit timing

BPC made a series of assumptions in developing its November estimate Most assumptions turned out to be accurate
Those that were superseded by events are not of sufficient magnitude to significantly affect the estimates
INITIAL BPC ASSUMPTIONS / FISCAL CLIFF DEAL OUTCOME

Congress will patch the Alternative Minimum Tax as it has in the past Income tax withholding tables will not change (small changes) Sequestration will not go into effect Medicare payments to physicians will not be cut 27%
Extended unemployment insurance benefits will be allowed to expire (Benefits were extended, but very small impact on debt limit timing)
The payroll tax holiday will be allowed to expire

Miscellaneous tax provisions (e.g., R&D credit) will be extended
Extraordinary Measures
EXTRAORDINARY MEASURES
The U.S. hit its debt limit on December 31.
The Treasury Secretary then began tapping into ~$200 b of emergency borrowing authority referred to as extraordinary measures to allow for an additional period of fully-funded government operations.
Extraordinary Measures are legal financial maneuvers that allow the Treasury Department to raise additional cash to meet government obligations.
Example: Federal Employees Retirement System G-Fund

Federal employees invest some retirement assets in government bonds. Treasury may temporarily reduce the amount of debt held by this fund, thereby freeing up room under the debt limit. This allows Treasury to issue additional securities to the public and raise cash to pay federal obligations. After the debt limit is increased, Treasury must fully reimburse the retirement fund for the principal and interest.
10
EXTRAORDINARY MEASURES AVAILABLE

Do not reinvest the Federal Employees Retirement System GFund Do not reinvest the Exchange Stabilization Fund Do not reinvest interest payments and cash receipts to Civil Service Fund and Postal Fund Do not reinvest maturing securities in the Civil Service Fund and Postal Fund
BPC ESTIMATE
$159 billion $23 billion $20 billion Not Available During This Period
Total
Sources: Government Accountability Office; Congressional Research Service; December 26, 2012 letter from Treasury Secretary Geithner to Congress; Treasury Direct Government Account Statements
$201 billion
Note: The totals indicate available measures. Treasury may not employ all available measures. Treasury also has measures available (not listed) that assist with cash flow and debt management, but do not extend the date on which Treasury would begin to default on federal obligations absent an increase in the debt limit (the X Date). Column does not add due to rounding.
EXTRAORDINARY MEASURES WONT LAST AS LONG
11
In 2011, Extraordinary Measures extended the federal governments ability to pay its obligations from May 15 until August 2. They wont buy as much time as they did last summer
February is a bad month for the federal governments finances Fewer measures available
12
Once Treasury has utilized all of its emergency borrowing authority, only two sources will remain from which to continue funding government operations:
Remaining cash on hand (including any leftover funds from the emergency $201 b)
Daily cash inflows (federal revenues received each day)
REACHING THE DEBT LIMIT WHAT IT MEANS
13
Layers of Defense Against Default

The Treasury Department has multiple means that can be used to pay the nations bills. If the debt limit is reached and Congress does not act in time, however, all of these layers of defense will be breached and the nation will default on its obligations.
ISSUE NEW DEBT TO THE PUBLIC IN TRADITIONAL MANNER

Debt Limit Reached
EM Exhausted
DAILY REVENUE AND CASH ON HAND

The X Date
DEFAULT ON FINANCIAL OBLIGATIONS
The X Date
WHAT IS THE X DATE?
15
X Date: The first day on which Treasury has exhausted its borrowing authority and no longer has sufficient funds to pay all of its bills in full and on time
In other words, if the debt limit has not been raised by the X Date, the federal government will begin defaulting on some of its obligations. After the X Date, bills must be paid solely out of incoming cash flows, which will not be able to cover all government spending.
BPC estimates that the X Date will occur between February 15 and March 1.
BPC will update its projection as additional information becomes available.
WHEN IS THE X DATE?

Cash on hand + available extraordinary measures (in billions)
$300
16
BPCs Projected Range February 15 to March 1
$250
$200 $150 $100
Actual
$50 $-
Projected
Note: The projections above are subject to substantial uncertainty and volatility resulting from economic performance, cash flow fluctuations, and other factors.
Source: Bipartisan Policy Center Projections based off of Treasurys Daily, Monthly, and Direct Government Account Statements
REMAINING WILD CARDS
17
Tax Filing Season

Particularly given the last-minute fiscal cliff deal, there is potential for delayed processing of refunds.
Strengthening/weakening economy
Revenues have been coming in stronger than CBO projections. The BPC model accounts for this, but its impossible to know if such trends will strengthen or weaken.
Monthly fluctuations in spending and revenues
TAX REFUND PAYMENT VOLATILITY
18
Total Tax Refund Payments Made by Date

(from start of filing season) 2011 Through January 31 Through February 14 Through February 22 $13 billion $57 billion $79 billion 2012 $7 billion $66 billion $91 billion
Through February 28
Through March 15
Source: Daily Treasury Statements
$108 billion
$146 billion
$116 billion
$157 billion
Prioritization
NO SILVER BULLETS TO EXTEND DATE
20
President Obama has stated that the 14th Amendment does not provide a reasonable basis for challenging the constitutionality of the debt ceiling:
My lawyersare not persuaded that [the 14th Amendment] is a winning argument. Press Secretary Jay Carney: The 14th Amendment [does not give] the president the power to ignore the debt ceiling period.
Treasury has stated that it has no secret bag of tricks to finance government operations past the X Date
Treasury will not attempt to firesale assets during a crisis Other ideas are deemed impractical, illegal, and/or inappropriate (platinum coins, IOUs)
BEYOND THE X DATE
21
There is no precedent; all other debt limit impasses have been resolved without reaching the X Date.
Treasury has never failed during a debt limit impasse to meet a payment obligation.
Chairman Bernanke:
"[Going past the X Date] would no doubt have a very adverse effect very quickly on the recovery. I'm quite certain of that.
HOW MIGHT TREASURY MAKE PAYMENTS AFTER THE X DATE?
22
If we reach the X Date, Treasury might either prioritize payments or make full days worth of payments once they receive sufficient revenues to cover all of a days obligations.
Interest on the federal debt would likely be prioritized in either scenario.
Scenario # 1: Pay some bills, but not others

Treasury might attempt to prioritize some types of payments over others. Prioritized payments would be made on time, others would not.
PRIORITIZATION
23
Under Scenario # 1:
Treasury would find itself attempting to sort and choose from well over 100 million monthly payments.
Roughly 40% of the funds owed for the month would go unpaid.
Inflows and outflows do not match up well and are quite lumpy, as BPCs daily analysis shows.
The reality would be chaotic:

Unfair results, unanswered questions Treasury picking winners and losers Public uproar Intense global media focus
PRIORITIZATION: MONTHLY TOTALS
24
February 15 March 15
Year Inflows Outflows Deficit Business Days
2011
238,150
439,241
201,091
20
2012
273,296
452,595
179,299
21
2013*
277,107
451,883
174,776
20
* BPC Projections (in millions of dollars)
ILLUSTRATIVE SCENARIO #1: PROTECT SELECTED BIG TICKET PROGRAMS
25
If you choose to pay

Program Interest on Treasury Securities IRS Tax Refunds for Individuals Medicare / Medicaid Social Security Benefits Military Pay and Retirement Unemployment Insurance Benefits Cost $38.1 b $85.5 b $72.5 b $61.1 b $13.2 b $6.2 b
For a total of $277 billion
ILLUSTRATIVE SCENARIO #1: PROTECT SELECTED BIG TICKET PROGRAMS
26
Then you cant fund these programs, worth $175 billion

Program
Defense Vendor Payments
Veterans Benefits Federal Salaries + Benefits Dep. of Education (e.g., Pell grants, special ed. programs) Food / Nutrition Services + TANF Civil Service Retirement Health and Human Services Grants
Cost
$28.8 b
$4.2 b $19.9 b $16.8 b $10.1 b $5.0 b $8.0 b
Supplemental Security Income

Other Spending, including: - Department of Justice (FBI, federal courts) - Department of Energy - Federal Highway Administration (road construction) - Federal Aviation Administration (air traffic control) - Environmental Protection Agency - FEMA and National Flood Insurance Program
$3.4 b
$79.0 b
ILLUSTRATIVE SCENARIO #2: NO TAX REFUNDS FOR YOU
27
If you choose to pay

Program
Interest on Treasury Securities Medicare / Medicaid Social Security Benefits Military Pay and Retirement
Cost
$38.1 b $72.5 b $61.1 b $13.2 b
Veterans Benefits
Defense Vendor Payments Federal Salaries and Benefits Unemployment Insurance Benefits
$4.2 b
$28.8 b $19.9 b $6.2 b
Civil Service Retirement

Food and Nutrition / TANF Dept. of Education (Pell Grants, Special Education)
$5.0 b
$10.1 b $16.8 b
For a total of $276 billion
ILLUSTRATIVE SCENARIO #2: NO TAX REFUNDS FOR YOU
28
Then you cant fund these programs, worth $176 b

Program
IRS Tax Refunds to Individuals Health and Human Services Grants Supplemental Security Income Other Spending, including: - Department of Justice (FBI, federal courts) - Department of Energy - Federal Highway Administration (road construction) - Federal Aviation Administration (air traffic control) - Environmental Protection Agency - FEMA and National Flood Insurance Program
Cost
$85.5 b $8.0 b $3.4 b
$79.0 b
PRIORITIZATION COULD IT BE DONE?
29
The Treasury Departments Office of Inspector General (OIG) released a report in 2012 on post-X Date strategies that Treasury was considering in the summer of 2011
Some senior Treasury officials were skeptical of the prioritization scenario for two reasons:
1) Choosing to pay certain obligations before others would be of questionable legality 2) Given the sheer number of daily payments and Treasurys computerized payment system, prioritization would require a massive overhaul and reprogramming of these operations that may be impossible
One other mechanical possibility for the prioritization scenario is that Treasury (via the Office of Management and Budget) would instruct agencies to withhold processing of certain groups or types of bills so as to prevent them from entering Treasurys system
BPC does not know the feasibility of this approach
HOW MIGHT TREASURY MAKE PAYMENTS AFTER THE X DATE?
30
Scenario # 2: Make all of each days payments together once enough cash is available
Treasury might wait until enough revenue is deposited to cover an entire days payments, and then make all of those payments at once.
(For example, upon reaching the X date, it might take two days of revenue collections to raise enough cash to make all of the payments due on day one. Thus, the first days payments would be made one day late. This, of course, would delay the second days payments to a later day.)
In the 2012 OIG report, some senior Treasury officials stated that they believed this to be the most plausible and least harmful course of action. Since debt operations are handled by a separate computer system, these payments could likely still be prioritized under this scenario.
FEDERAL PAYMENTS AFTER THE X DATE
31
Illustrative Potential Payment Delays (assuming a Feb 15th X Date)

Payment
Military Active Duty Pay Unemployment Insurance Social Security Defense Vendor Payments Food Stamps Tax Refunds Social Security Veterans Benefits Medicare and Medicaid Payments to Providers and Plans
Due Date
February 15 February 15 February 20 February 22 February 25 March 1 March 1 March 1 March 1
Delayed Until
February 20 February 20 February 25 March 1 March 5 March 15 March 15 March 15 March 15
Note: These projections incorporate a set of assumptions, including (for illustrative purposes) that the X Date occurs at the beginning of the BPC estimated window (February 15); that Treasury enters the X Date with precisely enough cash on hand to make that days $30 billion interest payment on the debt; that all interest payments are prioritized and paid on time; and that federal trust fund operations continue as normal.
Source: Bipartisan Policy Center projections off of Daily Treasury Statements
REAL WORLD CHAIN REACTION OF DELAYED PAYMENTS
32
Examples of First- and Second-Order Consequences from Delaying Government Payments by Weeks:
A senior who depends on Social Security benefits might be unable to pay rent when due A physician who treats many Medicare and Medicaid patients may be unable to meet payroll A small government contractor may be unable to pay a subcontractor on time, thus incurring penalties A family depending on their tax refund to make a credit card payment might incur substantial interest expenses A member of the military whose paycheck is delayed might miss a mortgage payment, incurring penalties
Daily Analysis: February 15 March 1, 2013
DAILY CASH FLOW ANALYSIS
34
The following slides project daily revenue and expenditures, by category, for the BPC projected X-date window (February 15 March 1). Projections are estimates and subject to change. Revenue flows and tax refunds are particularly volatile. For purely illustrative purposes, the Running Cash Deficit total is calculated by assuming that the X date is February 15.
Significant disruption to the tax filing and refund processes or substantial strengthening or weakening of the national economy would need to occur for the X Date to fall outside of the BPC projected range.
35
Scale ($)
90 b
Treasury Cash Flow: Friday February 15, 2013

Daily Inflow Daily Outflow
Running Cash Deficit: $43 b
$52 Billion in committed spending:

45 b
$9 Billion in revenues
0b
30.0 b 6.8 b 3.5 b 2.8 b 2.3 b 1.5 b 1.1 b 4.4 b
Interest on the Debt IRS Refunds to Individuals Federal Salaries/Benefits Military Active Pay Medicare/Medicaid Defense Vendors Food/HUD/Welfare/Unemp. Other Spending
Note: All daily figures assume zero cash balance on Feb 15; numbers may be off slightly due to rounding
Source: Bipartisan Policy Center projections based off of Daily and Monthly Treasury Statements
36
Treasury Cash Flow: Tuesday February 19, 2013

Scale ($)
Daily Inflow
90 b
Daily Outflow
45 b

0b

3.9 b 3.4 b 2.0 b 6.6 b IRS Refunds to Individuals Medicaid/Medicare Federal Salaries/Benefits Other Spending
37
Treasury Cash Flow: Wednesday February 20, 2013

Scale ($)
90 b
Daily Inflow
Daily Outflow
45 b

11.4 b Social Security Payments

0b
8.0 b 3.3 b 1.6 b 900 m 5.2 b
IRS Refunds to Individuals Medicaid/Medicare Defense Vendors Dep. of Education Other Spending
38
Treasury Cash Flow: Thursday February 21, 2013

Scale ($)
90 b
Daily Inflow
Daily Outflow
45 b
0b
7.1 b 2.8 b 1.5 b 1.5 b 5.7 b
IRS Refunds to Individuals Medicaid/Medicare Defense Vendors Food/HUD/Welfare/Unemp. Other Spending
39
Treasury Cash Flow: Friday February 22, 2013

Scale ($)
90 b
Daily Inflow
Daily Outflow
45 b
$17 Billion in committed spending: $9 Billion in revenues

0b 4.7 b 3.5 b 1.9 b 6.4 b IRS Refunds to Individuals Medicaid/Medicare Defense Vendors Other Spending
40
Treasury Cash Flow: Monday February 25, 2013

Scale ($)
90 b
Daily Inflow
Daily Outflow
45 b

0b
11.9 b 3.6 b 1.4 b 1.0 b 5.9 b
IRS Refunds to Individuals Medicaid/Medicare Defense Vendors Dep. of Education Other Spending
41
Treasury Cash Flow: Tuesday February 26, 2013

Scale ($)
90 b
Daily Inflow
Daily Outflow
45 b
0b
4.2 b 3.0 b 2.2 b 5.5 b
IRS Refunds to Individuals Medicaid/Medicare Defense Vendors Other Spending
42
Treasury Cash Flow: Wednesday February 27, 2013

Scale ($)
90 b
Daily Inflow
Daily Outflow
45 b

11.6 b 6.9 b 2.2 b 1.4 b 1.2 b 5.5 b Social Security Payments IRS Refunds to Individuals Medicaid/Medicare Defense Vendors Dep. of Education Other Spending
0b
43
Treasury Cash Flow: Thursday February 28, 2013

Scale ($)
90 b
Daily Inflow
Daily Outflow
45 b

6.6 b Interest Payment on Debt
0b
2.7 b 1.7 b 6.6 b
Medicaid/Medicare Defense Vendors Other Spending
44
Treasury Cash Flow: Friday March 1, 2013

Scale ($)
90 b
Daily Inflow
Daily Outflow
25.6 b 20.5 b 5.0 b 4.2 b 4.1 b 3.8 b 3.8 b 3.4 b 3.1 b 1.8 b 1.6 b 1.4 b 6.1 b Social Security Payments Medicare/Medicaid Civil Service Retirement Veterans Benefits Federal Emp. Salaries/Benefits Military Active Pay Military Retirement Supplemental Sec. Income Food/HUD/Welfare/Unemp. IRS Refunds to Individuals Defense Vendors Interest Payment on Debt Other Spending
45 b
0 0b
CONSEQUENCES
45
Handling all payments for important and popular programs (e.g., Social Security, Medicare, Medicaid, Defense, military active duty pay) will quickly become impossible. Economic disruption:
Immediate 39% cut in federal spending would affect broader economy Many service providers unpaid
Medicare and Medicaid providers Defense vendors
Individuals not receiving government checks

Widespread uncertainty as decisions are made day by day
Market Risk
ONE-YEAR COST OF 2011 DEBT LIMIT EVENT
47
The Government Accountability Office (GAO) issued a report detailing additional costs to taxpayers as a result of the delayed 2011 debt limit increase.
A substantial cost to taxpayers stemmed from elevated interest rates on U.S. securities issued in 2011 prior to when the debt limit was increased in August. GAO conducted an economic analysis to estimate the resulting change in interest rates.
For Fiscal Year 2011, GAO estimated additional interest costs to taxpayers of $1.3 billion.
TEN-YEAR COST OF 2011 DEBT LIMIT EVENT
48
The cost of the event to the federal government, however, continues to accrue because many of the bonds issued during that period remain outstanding.
BPC extended GAOs methodology to analyze the long-term cost to taxpayers stemming from the elevated interest rates. Estimate of the ten-year cost to taxpayers of the 2011 debt limit standoff = $18.9 billion To put this in perspective, the Congressional Budget Office (CBO) estimates that the Doc Fix to prevent the scheduled 27% cut to Medicare physician payments for 2012 cost $18 billion over ten years.
PRIORITIZATION: MARKET RISK
49
Treasury must roll over roughly $500 b in debt that matures this year during the Feb 15 Mar 15 period.
When a Treasury security matures, Treasury must pay back the principal plus interest due. Under normal circumstances, Treasury would simply roll over the security. As one security matures, the principal and interest for that security would be paid for with cash from the issuance of a new security.
PRIORITIZATION: MARKET RISK
50
In a post-X Date environment, this operation may not run as smoothly.

Two elements of market risk:
Treasury will have to pay higher interest rates to attract new buyers. It is possible, if unlikely, that not enough bidders would appear, forcing Treasury to either use cash on hand to pay off securities that came due or, in a worst-case scenario default on the debt.
The 2012 Office of Inspector Generals report found that there was substantial concern about this issue among Treasury officials during the 2011 debt limit event
DEBT ROLLOVER AND THE X-DATE
51
Debt Maturing After February 15

Date February 15 February 21 February 28 March 7 March 14 March 15
Source: TreasuryDirect
Debt Maturing $20 billion $60 billion $115 billion $86 billion $60 billion $40 billion
Note: Does not include estimates of 4-week maturities that have yet to be auctioned.
THE RISKS ARE REAL
52
Additional borrowing costs for the federal government from delay in increasing the debt limit
Additional rating agency downgrades are possible

Fitch: Arrears on [various federal government] obligations would not constitute a default event from a sovereign rating perspective but very likely prompt a downgrade even as debt obligations continued to be met.
Translation: If we go past the X Date without a debt limit increase, prepare for another downgrade.
S&P downgraded last summer and reaction was not severe But there is uncertainty about effects of another downgrade since many funds are prohibited from holding non-AAA securities
THE RISKS ARE REAL
53
Market risks beyond the X Date:

Treasury market, interest rates
Potential for serious equity market reaction (401(k)s, IRAs, other pensions) Our economy The global financial system
No guarantee of the outcome; risks are risks
SIZE OF A DEBT LIMIT INCREASE
54
$2,500
Roughly how much would the debt limit need to be increased to get through 2013 or 2014*?
Billions of Dollars
$2,000
$1,500
$1,000
$2.1 Trillion
$500
$1.1 Trillion
$0
End of 2013
End of 2014
*The estimates in the chart above assume that the full sequester is waived, war spending declines as scheduled, Medicare physician payments are frozen at 2013 levels (the Doc Fix), and the tax extenders in the American Taxpayer Relief Act of 2012 are extended permanently. Alternatively, if current law continued except that war spending declines as scheduled and a permanent Doc Fix is enacted, the necessary increases to get through 2013 and 2014, respectively, would be $1 trillion and $1.9 trillion. Source: Congressional Budget Office, Bipartisan Policy Center projections
Authors
STEVE BELL SHAI AKABAS LOREN ADLER BRIAN COLLINS SENIOR DIRECTOR OF THE ECONOMIC POLICY PROJECT SENIOR POLICY ANALYST SENIOR POLICY ANALYST POLICY ANALYST
MEDIA CONTACT: ASHLEY BERRANG DIRECTOR OF COMMUNICATIONS (202) 637-1456

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Debt Limit Analysis

Methodology & Assumptions

Reviewed financial data from the Treasury Department

Projected monthly operating cash flow using:

FISCAL CLIFF DEAL

Fiscal Cliff deal has little impact on debt limit timing

INITIAL BPC ASSUMPTIONS / FISCAL CLIFF DEAL OUTCOME

The payroll tax holiday will be allowed to expire

The U.S. hit its debt limit on December 31.

Example: Federal Employees Retirement System G-Fund

EXTRAORDINARY MEASURES AVAILABLE

EXTRAORDINARY MEASURES WONT LAST AS LONG

Daily cash inflows (federal revenues received each day)

REACHING THE DEBT LIMIT WHAT IT MEANS

Layers of Defense Against Default

ISSUE NEW DEBT TO THE PUBLIC IN TRADITIONAL MANNER

DAILY REVENUE AND CASH ON HAND

DEFAULT ON FINANCIAL OBLIGATIONS

WHAT IS THE X DATE?

WHEN IS THE X DATE?

BPCs Projected Range February 15 to March 1

REMAINING WILD CARDS

Tax Filing Season

Monthly fluctuations in spending and revenues

TAX REFUND PAYMENT VOLATILITY

Total Tax Refund Payments Made by Date

NO SILVER BULLETS TO EXTEND DATE

BEYOND THE X DATE

HOW MIGHT TREASURY MAKE PAYMENTS AFTER THE X DATE?

Scenario # 1: Pay some bills, but not others

The reality would be chaotic:

PRIORITIZATION: MONTHLY TOTALS

* BPC Projections (in millions of dollars)

ILLUSTRATIVE SCENARIO #1: PROTECT SELECTED BIG TICKET PROGRAMS

If you choose to pay

For a total of $277 billion

ILLUSTRATIVE SCENARIO #1: PROTECT SELECTED BIG TICKET PROGRAMS

Then you cant fund these programs, worth $175 billion

Supplemental Security Income

ILLUSTRATIVE SCENARIO #2: NO TAX REFUNDS FOR YOU

If you choose to pay

Civil Service Retirement

For a total of $276 billion

ILLUSTRATIVE SCENARIO #2: NO TAX REFUNDS FOR YOU

Then you cant fund these programs, worth $176 b

PRIORITIZATION COULD IT BE DONE?

HOW MIGHT TREASURY MAKE PAYMENTS AFTER THE X DATE?

FEDERAL PAYMENTS AFTER THE X DATE

Illustrative Potential Payment Delays (assuming a Feb 15th X Date)

REAL WORLD CHAIN REACTION OF DELAYED PAYMENTS

Daily Analysis: February 15 March 1, 2013

DAILY CASH FLOW ANALYSIS

DAILY CASH FLOW ANALYSIS

Treasury Cash Flow: Friday February 15, 2013

Running Cash Deficit: $43 b

$52 Billion in committed spending:

30.0 b 6.8 b 3.5 b 2.8 b 2.3 b 1.5 b 1.1 b 4.4 b

DAILY CASH FLOW ANALYSIS

Treasury Cash Flow: Tuesday February 19, 2013

Running Cash Deficit: $44 b

$15 Billion in revenues

$16 Billion in committed spending:

DAILY CASH FLOW ANALYSIS

Treasury Cash Flow: Wednesday February 20, 2013